Anne Hathaway is getting a lot of criticism on the interblogs today for choosing that pale-pink satin Prada dress for the Academy Awards last night. People seem to feel that it resembled a boring '90s prom dress, that the darts looked like two giant arrows pointing to her nipples, and that the apron-style back was just weird. It turns out that Hathaway picked the dress at the very last minute — she had been intending to wear Valentino. How do we know this? Because the original plan was apparently far enough along that Valentino, unaware of the Prada substitution, put out a press release yesterday evening preemptively claiming credit for the dress.

"I didn't know what I was wearing until about three hours ago," Ms. Hathaway said on the red carpet, and that would have been around the time that Valentino sent out a news release announcing that she would be dressed in one of its couture gowns. Ms. Hathaway evidently changed her mind, and one would like to imagine it as a sign of independence from the pull of Big Fashion. She also wore a Tiffany & Company necklace worth a half-million dollars, but she wore it backward.

Oooh, a backwards necklace. What a real thumb in the eye to Big Diamonds. [NYTimes]

For her appearance at the Oscars last night, Michelle Obama wore a Naeem Khan dress. [WWD]

H&M says it made that silk satin gown specially for Helen Hunt to wear to the Oscars, and will not be producing the dress for us regular shopping plebs. [Fashionista]

Tina Fey is looking incredibly glamorous in the new issue of Time's fashion supplement. She tells the magazine she expects life post-30 Rock to be a time of interesting sartorial choices:

"For seven years I would literally pull something off the floor because it was 6 o'clock in the morning, go to work, put on my wardrobe until the end of the day, put on what were basically pajamas and then go home." Even the Upper West Side Mom ensemble she's wearing today came from 30 Rock‘s wardrobe. "I don't actually know what I like to wear in real life," she admits. "It's going to be a period of terribly awkward experimentation. Like middle school all over again. Perhaps I'm a person who wears a blouse with an ascot? Dark green nails? I think it's going to be a series of caftans."

Testimony in the Macy's/Martha Stewart/J.C. Penney trial is ongoing. A Macy's executive named Laurene Gandolfo told the court that she put "blood, sweat, and tears" into the Martha Stewart homewares brand after the 2006 deal that launched it as a Macy's exclusive.

"I really put myself out there for these people," she said. "Nobody told me to train their designers, nobody told me I had to take them to our factories. I trusted…the people I was working with [at Martha Stewart]. I was trying to help and felt like they stabbed me in the back."

Under Armour is suing Nike for using the trademarked phrase "I will" as a tag-line in its ads. Under Armour says it has been using "I will" in advertising in sentences like, "I will protect my home court" and "I will finish what I started" since 1998. Recently, Nike has begun running ads with tag-lines like, "I will control the game" and "I will complete a 10K." [WWD]

Andrej Pejic Instagrammed a photo of a wedding certificate during a weekend getaway to Las Vegas with his boyfriend, Rembrandt Duran. But the two are not married — same-sex marriage is not yet legal in Nevada, remember — and the certificate was a joke. [The Cut]

Anja Rubik designed a collection of five shoes for Giuseppe Zanotti, the footwear brand of which she is a longtime face. [Vogue UK]

British model Cara Delevingne trademarked her name. This could be the first step in a Cara Delevingne branded-product empire. [Telegraph]

Net income at Dillard's rose year-on-year by 14.1% during the quarter just ended, to $161.4 million. [WWD]

Abercrombie & Fitch's profits more than tripled year-on-year during the same period, to $157.2 million. [WWD]

And now, a moment with Penny Martin, the editor of The Gentlewoman — absolutely the best fashion magazine to have ever counted Beyoncé, Adele, and Angela Lansbury among its cover stars. Penny, you did your Ph.D. at the Royal College of Art studying women's magazines. What did you learn?

"I was a real specialist; I knew my magazines and I read magazines from cover to cover and I remember a time when they were less of a feel-bad experience. That feeling of closing a magazine and thinking, 'I'm the wrong class, the wrong age, the wrong size, the wrong economic background, the wrong educational background.' You know, that crushing disappointment. And meanwhile the sound of shoes-shoes-shoes ringing in your ears. Grim."

Oh, let's have one more moment! Retouching, go:

"We've got an anti-fantasy policy...That it's revolutionary to show how people actually are is the sad revelation of our culture. Fashion-media images of women have become so retouched out of all… not recognition, but tangibility."